Over at Equitable Growth: It was 24 years ago this week that Larry Summers and I warned that if we were to push the target inflation rate much below roughly 5%/year, then, in the immortal words of Dr Suess's the Fish in the Pot:
"Do I like this? Oh, no, I do not. This is not a good game", said our fish as he lit. "No, I do not like it, not one little bit!"
As I see it, if we want good macroeconomic business-cycle stabilization policy over the next generation, we need to do one or more of four things. I think the more of them we do, the better. And I want Summers and Bernanke to chair a commission this fall and winter to establish the order in which we should attempt to do these four things, and to start building the political and technocratic coalition to get them accomplished: Read MOAR Over at at Equitable Growth